SAN DIEGO and NEWTOWN, Pa., Jan. 31, 2013 /PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP are investigating the acquisition of BioClinica, Inc. (NASDAQ: BIOC) by JLL Partners, Inc. BioClinica provides clinical trial solutions to pharmaceutical, biotechnology, and medical device companies.
On January 30, 2013, BioClinica announced that it had entered into a definitive merger agreement to be acquired by a holding company controlled by JLL Partners. Pursuant to the agreement, BioClinica's shareholders will receive $7.25 in cash for each share of common stock. The transaction has been approved by the board of directors of BioClinica. Additionally, BioClinica's current President and CEO, Mark L. Weinstein, will lead the new company.
The Board of Directors' Actions May Prevent BioClinica Shareholders from Receiving the Maximum Value for Their Stock
Robbins Arroyo LLP's investigation focuses on whether the board of directors at BioClinica is undertaking a fair process to obtain maximum value and adequately compensate its shareholders or seeking to benefit themselves. The $7.25 per share offer price is substantially below the $9 target price set by an analyst at Benchmark Company on November 9, 2012.
Further, on November 8, 2012, BioClinica reported financial results for the third quarter ended September 30, 2012, reflecting record service revenues and a strong increase in Non-GAPP operating income over the same period for the prior year. Specifically, the company reported service revenues of $19.2 million for the quarter, an increase of 16% compared to the same period in 2011. In addition, Non-GAAP operating income increased 26%, from $2 million to $2.6 million, over the same period the previous year. Moreover, BioClinica's President and CEO Mark Weinstein, announcing the company's third quarter results, concluded that "[o]ur backlog and strong proposal pipeline position us well for future growth."
Given these facts, the firm is examining the board of directors' decision to sell BioClinica now rather than allow shareholders to continue to participate in the company's continued success and future growth prospects.
BioClinica shareholders have the option to file a class action lawsuit against the company to secure the best possible price for shareholders and the disclosure of material information so shareholders can vote on the transaction in an informed manner. BioClinica shareholders interested in information about their rights and potential remedies can contact Darnell R. Donahue at (800) 350-6003, email@example.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsarroyo.com.
Press release link: http://www.robbinsarroyo.com/shareholders-rights-blog/bioclinica/
Attorney Advertising. Past results do not guarantee a similar outcome.
SOURCE Robbins Arroyo LLP
|BioClinica, Inc. and JLL Partners, Inc. Announce Successful Completion of Tender Offer (2013/3/12)|
|BioClinica, Inc. and JLL Partners, Inc. Announce Early Termination of Hart-Scott-Rodino Act Waiting Period (2013/2/21)|
|Acquisition of Hot Topic, Inc. by Sycamore Partners, Inc. May Not Be in the Best Interests of Hot Topic Shareholders (2013/3/8)|
|Acquisition of Copano Energy, L.L.C. by Kinder Morgan Energy Partners, L.P. May Not Be in Copano Energy, L.L.C. Shareholders' Best Interests (2013/1/30)|
|Acquisition of Metals USA Holdings Corp. by Reliance Steel & Aluminum Co. May Not Be in Metals USA Holdings Corp. Shareholders' Best Interests (2013/2/8)|
|JLL Partners to Acquire BioClinica and CoreLab Partners (2013/1/30)|
|Cash Tender Offer to Acquire BioClinica, Inc. at $7.25 Per Share Commenced by an Affiliate of JLL Partners, Inc. (2013/2/11)|
|BioClinica Shareholder Alert: Briscoe Law Firm and Powers Taylor, LLP Investigate Sale to JLL Partners (2013/1/30)|
|The Law Firm of Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of BioClinica, Inc. in Connection with the Sale of the Company to JLL Partners, Inc. (2013/1/31)|
|The Law Firm of Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of BioClinica, Inc. in Connection with the Sale of the Company to JLL Partners, Inc. (2013/1/30)|
|Start Premium Trial||Register For Free|
|P||F||Fund Financial Data (13,000+ funds)|
|P||F||Stock Financial Data (7,000+ stocks)|
|P||F||Stock and Fund Screeners (basic)|
|P||F||Investing Articles and Market Commentary|
|P||F||Articles Archive (>30 days)|
|P||F||Discuss (dozens of stock, fund, bond, and general bulletin boards)|
|P||F||Portfolio Manager (basic)|
|P||F||Morningstar Investment Classroom|
|P||F||Morningstar Investing Classroom Rewards (earn as you learn and redeem for Morningstar merchandise)|
|P||Morningstar Fund Analyst Reports (full research on 2,000 funds and ETFs)|
|P||Morningstar Stock Analyst Reports (full research on 2,000 stocks)|
|P||Morningstar Stock and Fund Stewardship Grades|
|P||Portfolio Manager (advanced with 10 x-ray analyses, including guidance)|
|P||Portfolio Monitor (monthly and on-demand personalized portfolio statements)|
|P||Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)|
|P||Morningstar Stock and Fund Favorites & Red Flags eNewsletters|
|P||Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)|
|P||Discounts on Morningstar newsletters, books, seminars, and more|
Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.
Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.